The global energy harvesting market size is predicted to grow at a healthy CAGR by 2027, states the recent Market Research Future’s (MRFR) energy harvesting market forecast. Energy harvesting, simply put, is a highly promising technology for addressing the energy crises sans altering the current sources of energy. Thermoelectric, electrodynamics, photovoltaic, and others are its different technologies, and thermal and gravitational, electrical, chemicals, mechanical, and nuclear are the different energy sources. Owing to its alluring features and plentiful benefits, energy harvesting has wide applications in different industries, including healthcare, aerospace and defense, consumer electronics, industrial, automotive, and others.
Various factors are propelling the global energy harvesting market share. According to the recent MRFR report, such factors include the burgeoning demand for enduring, power-efficient, and safe systems that need minimal or no maintenance, growing concern for the environment, increasing adoption in home automation and building, green energy trend, and the availability of renewable energy sources in abundance such as ocean, wind, tidal energy that offer a dependable platform for innovations of energy harvesting applications, and the advent of nanotechnology.
On the contrary, technological complexities, inadequate awareness amid consumers regarding the use and availability of devices based on harvested energy, higher initial costs of devices, and lower current generation are factors that may impede the global energy harvesting market growth over the forecast period. Besides, the on-going COVID-19 impact is also impacting the market growth.
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The MRFR report highlights an inclusive segmental analysis of the global energy harvesting market based on energy sources, applications, and technology.
Based on the region, the report covers the recent trends and energy harvesting market opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe is predicted to spearhead the market over the forecast period. Constant research & development initiatives for procuring renewable, affordable sources of energy coupled with favorable initiatives undertaken by the government for regulating the market are adding to the global energy harvesting market growth in the region.
The global energy harvesting market in North America is predicted to have healthy growth over the forecast period. The increasing use of wireless sensor networks, rising penetration of building automation in new construction sites, and growing usage of renewable energy sources to power small electronic devices are adding to the global energy harvesting market growth in the region. The US holds the maximum share in the market.
The global energy harvesting market in the APAC region is predicted to have sound growth over the forecast period. The huge population in China & India and the need for affordable and efficient sources are adding to the energy harvesting market growth in the region.
The global energy harvesting market in the RoW is predicted to have steady growth over the forecast period.
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Industry players have encompassed several strategies to stay at the forefront, such as mergers, acquisitions, partnerships, new product launches, geographic expansions, and others.
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